An earlier version of this article compared a revenue move to the first-quarter of 2022 and not the fourth quarter. It has been corrected. Comerica Inc.’s stock CMA slid 2.4% premarket Thursday after the regional bank . The bank posted net income of $324 million, or $2.39 a share, for the quarter, up from $189 million, or $1.37 a share, in the year-earlier quarter. The numbers were down from the fourth quarter, however, when the bank earned $350 million, or $2.58 a share. Comerica did not provide a revenue number but said it was down 2.9% from the fourth quarter. The bank posted revenue of $1.02 billion in the fourth quarter, and was expected to post revenue of $990 million for the first quarter. Since March 9, the bank’s deposits fell by $3.7 billion, the bank said in a statement. That was the day that the stock of Silicon Valley Bank fell more than 60% after disclosures led to a run on that bank, which was shuttered by the California regulator a day later. That bank’s demise led to massive deposit flight out of regional banks and into bigger ones. Comerica said uninsured deposits decreased by $10.5 billion to $35 billion, or 54% of total deposits in the quarter. The bank added $13.8 billion in liquidity in the quarter to provide a buffer. Net interest income rose to $708 million in the quarter from $456 million a year ago. It set aside $30 million as a provision for loan losses, after reducing provisions by $11 million a year ago. The stock has fallen 30% in the year to date, while the S&P 500 has gained 8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.